You’re misunderstanding how their wealth is distributed. By and large, they’re not directly owning the land and paying taxes. They just own significant stakes in the actual companies holding property. I’m sure they own a house or three, but it’s not significant compared to their other assets.
I’m not taking a position on whether property taxes are good. I think they are. I’m just pointing out the discrepancy.
It means the manufacturer is required to offer to buy it back. If the manufacturer resells it after fixing the issues, there must be paperwork attached and given to the next purchasers stating that it was a lemon.